Robinhood's Self-Custody, Web3 Wallet Beta Goes Live

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US-based online broker Robinhood announced today the launch of its self-custody, web3 wallet beta to 10,000 iOS customers who joined the waitlist in May.

According to the official press release, the new standalone app, Robinhood Wallet, is deigned to support Polygon as its first blockchain network, give customers full control of their crypto, allow them to trade and swap crypto with no network fees, and let them seamlessly access the decentralized web.

"Launching the Robinhood Wallet beta marks a significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers," said Johann Kerbrat, Chief Technology Officer and General Manager of Robinhood Crypto. "Like we did with the stock market, Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone."

"We're excited to work with Polygon as the first blockchain network Robinhood Wallet supports. We chose Polygon due to its scalability, speed, low network fees, and robust developer ecosystem to provide one of the best trading experiences for customers," the firm noted.

Also, the trading app giant has recently enabled deposits and withdrawals on Polygon PoS network. Its customers therefore were allowed to purchase its native MATIC token on the Robinhood app and seamlessly transfer it over to their self-custody wallet.

Shortly before, Fazzaco reported that Robinhood Markets has added Circle's USDC stablecoin​ to its crypto offerings for retail traders.